Q. How long until I can expect to hear from a Mortgage Consultant?

A. If you do not hear from the recommended mortgage professional within one business day, please contact the professional directly.

Q. Do I need to have good credit to get a loan?

A. No, Cosmos Mortgage Corporation specializes in all types of loan programs helping consumers find a mortgage loan to meet their needs. Our network of Mortgage Consultants will identify the right type of home financing for your specific situation. The Cosmos Mortgage Corporation professional will help you work through your past problems and move toward a brighter future.

Q. How do I know how much house I can afford?

A. Generally you can purchase a home with a value of two or three times your annual household income, depending on your savings and debts. However, you may be able to take advantage of special loan programs for first time buyers to purchase a home with a higher value. If you'd like a better idea of how much you can afford, use the Cosmos Mortgage Corporation Mortgage Tools to assist you in calculating your exact amount or contact one our Mortgage Consultants at any of our branch locations.

Q. Are there any fees associated with Cosmos Mortgage Corporation?

A. The cost of a phone call is all you pay to start obtaining the best home financing advice you will ever receive. At the time of the application, there will be a nominal fee to cover the expenses which are incurred by Cosmos Mortgage Corporation for any up-front services provided.

Q. I really want to own my own home, but I'm not sure I can afford it. How do I start?

A. Many people don't even consider buying a home because they're afraid they can't afford it. But for most people, homeownership is within reach - especially with some of the new programs specifically tailored for first-time home buyers. For many, home ownership is just as affordable as renting and in some cases even more affordable. The best place to start is to contact a Cosmos Mortgage Corporation Mortgage Consultant who can recommend a real estate professional who can assist in the identifying your home-buying requirements.

Q. What's the difference between a Thrift, a mortgage broker and a Mortgage Consultant?

A. A Thrift is your neighborhood bank - mutual savings banks and savings and loan institutions which offer savings accounts, mortgages and other financial products and services. Mortgage brokers, such as Cosmos Mortgage Corporation are in the sole business of lending money. Mortgage Consultants are facilitators who work on behalf of borrowers adhering to all State Laws. Brokers research a number of lending sources - commercial banks, Thrifts and mortgage bankers - to find appropriate loans to meet the specific needs of borrowers they represent.

Q. Can Cosmos Mortgage Corporation find me the best interest rate?

A. Possibly, because Cosmos Mortgage Corporation works with many different lenders. They may also have access to lenders that do not have an office in your state, but are licensed to lend money there. However, while Cosmos Mortgage Corporation researches many lending sources, it would be nearly impossible for them to access every single lender and every mortgage product, simply because there are thousands out there.

Q. Should I focus on the lenders advertising the lowest rates rather than the type of institution I borrow from?

A. Sure you can, but remember, there is no guarantee you will lock in at the advertised rate. Those rates may only be available for a 15 or 30 day period and it typically takes longer to close on a loan. Interest rates can also change daily. The best way to compare rates is to ask each lender what the rate would be if you closed in a certain time period, for example, 60 days. Our Mortgage Consultants will guide you through the analysis step-by-step to ensure you understand the entire process.

Q. What documents will I need to provide when I apply for a loan?

A. Check our website for a Checklist for Applicants which displays the items you should assemble for your application. Be prepared to provide verification of income, including your pay stub and tax returns for the previous two years. You will also need to provide bank account numbers and details about your long-term debt, including credit cards, auto loans, child support, etc. If you are self-employed, you may need to provide financial statements for your business.  For example, the origin of your down payment may need to be verified. Be sure to inform us of any changes in your employment, salary, debt or marital status between the time you submit your application and the time you close.

Q. Does it make sense to pre-pay my mortgage or should I invest that money elsewhere?

A. Pre-paying your mortgage shortens the term of your loan which will save you thousands of dollars in interest. As a general rule, on a 30-year mortgage, you save $3 for every $1 you pre-pay. On an after-tax basis, you get back $2 for every $1 you pre-pay. Pre-paying your mortgage is an easy, risk-free investment. Even if you round your monthly payment up to the nearest $100, it will save you money over the long term.